HSBC already paid a $1.9 billion fine for aiding money laundering by Mexican drug cartels. Now DoJ says HBSC’s anti-money-laundering safeguards are so feeble that disclosing them would lead to serious crime. Excuse me, but these safeguards (if you can call them that) already have led to serious crime! I’m not sure which is more corrupt, an obviously criminal bank that launders dirty money or pretend government regulators in the US and UK who just can’t seem to criminally prosecute those responsible.
HSBC should be prosecuted under RICO with the higher-ups responsible for the money laundering imprisoned, along with asset forfeiture. Yet no one has gone to prison. Our “regulation” of crooked banks is a corrupt joke. The fines are a protection racket that allow the corruption to continue.
HSBC’s procedures to prevent money laundering, sanction-breaking and criminal activity still have deficiencies so serious that to publicly disclose them would risk serious crime, the US Department of Justice has said.
The DoJ filing lists a number of reasons why the agency supports keeping the full report from public view, including ensuring that bank staff continue to cooperate with the monitor, and allowing the oversight to continue effectively.
This is complete gibberish. DoJ can’t release info because doing so would make their HSBC oversight less effective yet admits the oversight and regulation is completely ineffective.
Gosh, it’s almost like the government is, at least on some levels, protecting and covering up for HSBC (and the other big banks.)